Max Healthcare Institute Ltd to acquire land parcel in Lucknow for new hospital

The Board of Directors of Max Healthcare Institute Limited, at their meeting held today i.e. February 24, 2024, have approved the acquisition of land parcel allotted through e-auction admeasuring ~ 21,946 Sq. meter, on freehold basis, located in Lucknow, Uttar Pradesh ("Land Parcel") for an amount of ~ ₹167 Crore (including stamp duty), upon successful bid by the Company.

The board gave in-principle approval for expansion of Company's footprint in Lucknow, Uttar Pradesh. The aforesaid Land Parcel has potential to develop ~ 500 bedded Hospital with a built-up area of ~ 8 (eight) Lakh Sq. feet.

Currently, Max Healthcare Network Hospitals are operating at a very high-capacity utilization and the Capacity Utilization for Q-3, FY 24 was > 73%.

The purchase of Land Parcel is proposed to be funded from internal accruals.

Shares of Max Healthcare Institute Limited was last trading in BSE at Rs. 849.80 as compared to the previous close of Rs. 857.70. The total number of shares traded during the day was 13535 in over 797 trades.

The stock hit an intraday high of Rs. 859.50 and intraday low of 843.70. The net turnover during the day was Rs. 11521667.00.

Source : Equity Bulls

Keywords

MaxHealthcareInstitute INE027H01010 LandParcel eAuction Acquisition Lucknow UttarPradesh